I’m sure I wasn’t the only one that had to prise myself out of bed this morning, but i’m back into the swing of things now and so are the markets with a minor fightback against the Dollar in early morning trading and fairly flat against the rest.
This week presents a lot of important data to kick the year off, this evening being the next release of interest as the Federal Reserve (Kind of the U.S version of the Bank of England monetary policy committee) release their minutes. I don’t expect any shocks tonight but again the U.S are good at throwing little surprises into the market so those with an interest in buying or indeed selling USD may wish to put protection in place in advance of this.
Tomorrow brings some data for the U.K at 09:30am with mortgage approvals, not a huge release unless the figure differs a lot from expectations.
Overnight tomorrow night we see the release of trade balance figures for the high flying Australian Dollar, personally after the slowing up of China it wouldn’t surprise me to see these slightly worse than expected and a small movement back in the right direction for the Pound however be warned the Australians spent most of 2011 surprising everyone so this certainly is not set in stone!
Friday is the biggest day of note for Euro, U.S Dollar and Canadian Dollar starting off with retail sales and unemployment data for Europe at 10:00am – to be honest with the continuing European problems one would imagine these aren’t going to be great, 12:00 brings unemployment data for Canada and with the Canadian Dollar haveing a great few weeks another bit of positive data could push this down even further, however no change is expected.
The biggest release of the week is in my opinion Non Farm Payroll Data for the States – This release can be just as important as interest rate decisions for the following reason – The markets move on rumour as well as fact and experts predictions of this release can be a million miles away therefore causing large swings in the rates of exchange as the markets price the actual result in accordingly. This release also seems to effect the markets as a whole and can cause volatility for all currencies so you really do need to have a close eye on rates on Friday at 13:30pm.
If you have a currency transfer to carry out either now or any point this year and want to get the best rates of exchange, email me directly [email protected] and I shall be happy to assist you both with my opinion on timing and when you do decide to do it I can get you the best rate too – I look forward to hearing from you soon.